Kyiv-based FC Arsenal has started bankruptcy procedures and has been eliminated from the Ukrainian Championship and Ukrainian Cup of the 2013-2014 season due to the absence of financing, FC Arsenal Director General Viktor Holovko has said.

"I want to say that unfortunately, today no sponsors or patrons who value football have been found. Despite all of the appeals, FC Arsenal (Kyiv) has not seen aid and support from anyone in a difficult period of time. I have to announce with a sore heart that FC Arsenal (Kyiv) has started bankruptcy procedures, and the team has been eliminated from competition," he said in a statement posted on the official Web site of the FC on Tuesday, October 29.

As reported, on October 25 FC Arsenal failed to appear for a Ukrainian Championshipmatch with Simferopol FC Tavriya, and the match was not held.

According to the rules, the Kyiv club was handed a 3-0 forfeit defeat. If the team does not arrive for its next match, the team will be eliminated from the competition.

On October 28, 2013, it was reported that FC Arsenal would not travel to a Ukrainian Cup match against Ternopil FC Nyva.

On October 23, 2013, Holovko said that the club does not have any further sources of financing, and called on potential investors to help the team. On October 24, 2013, Party of Regions MP and businessman Oleksandr Onyschenko said that he had stopped financing FC Arsenal.

On January 8, 2013, the previous owner of FC Arsenal Vadym Rabynovych said that the club could be liquidated.

In the middle of February it was announced that Onyschenko was ready to finance the FC. The latter said that he had paid all the debts of the club and ensured the conditions for the team's participation in the Ukrainian Championship. He several times said that the previous leadership of the club did not pass the documents for signing the agreements on the transfer of corporate rights to the club.

On August 30, 2013, Onyschenko said that due to the present situation he could decide not to help the club.

On August 29, Rabynovych stated that he had resigned from the post of Arsenal president and would have no further links to the club.